In the meantime, Manchester United have overtaken Liverpool as the most successful club in English football, winning 13 of their record 20 league titles under Sir Alex Ferguson.

This season Brendan Rodgers' men languish in seventh in the Premier League,and McAllister believes that significant investment is required to bring back the glory days.

"I think it's purely down to finances," he told Goal.

"For Liverpool to be really competing where they want to be competing – that means winning the league – they're a couple of hundred million quid away.

"They're going to finish seventh this season, behind Everton, and, if the owners can't come up with those funds, it's going to be gradual; developing players, picking players from Europe in that £8m, £9m, £10m bracket and developing them into stars that can compete right at the very top."